Resource Real Estate Funding has provided a $31.5 million acquisition loan to the Bascom Group on the 312-unit Trellis Park Crossroads Apartments in North Las Vegas, Nevada.
The borrower purchased the property at 3825 Craig Crossing Drive for $35.35 million. Bascom plans to implement interior and amenity renovations across the property’s 14 three-story buildings. CBRE arranged the loan.
Bascom has been ramping up its activity in the greater Las Vegas area the last several years. Along with Oaktree, the group purchased a 15-property multifamily portfolio in the city this May. Since 2013, Bascom and its affiliates have acquired 27 multifamily properties in the Las Vegas market, totaling 8,563 units.
“We continue to see improvements in the Las Vegas market as rents and occupancies strengthen,” said Jason Hanna, SVP at Bascom, in a statement. “We are excited about North Las Vegas because it showed some of the strongest growth of all Las Vegas submarkets in the last year.”
In the first half of 2016, overall real estate sales volume in the Las Vegas area topped $396 million in 83 sales totaling 2.8 million sq ft, according to a recent report from Colliers International. Resource Real Estate provides commercial bridge loans nationwide and has closed over $3.5 billion in loans since its inception in 2005, while Bascom is a private equity firm specializing in real estate investments, operations, and value-add loans.